First City Monument Bank (FCMB) is partnering with payment gateway solutions provider, SystemSpects, to help Small, Medium Enterprises (SMEs) manage staff payroll. Considering many startups hardly have the resources to engage the services of qualified human resource managers or an accountant, the introduction of the payroll solutions is apt. It will yank the responsibilities and oversight accorded a lean and overloaded management off the shoulders of financially pressed small business owners.
The solution, called ‘FCMB Payroll’, feature tools that store staff payment history, tax and pension remittances, It also helps to easily disburse staff salaries from any bank to any landing commercial institutions where each staff member’s account is domicile. More, it allows staff access payday loans from FCMB.
While reiterating the importance of the payment solutions to the burgeoning SMEs ecosystem in Nigeria, Adam Nuru, the Managing Director of FCMB, said, “We are excited to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address the challenges confronting SMEs”.
“The FCMB payroll has been designed to provide a more convenient and modern business tool for business owners and their employees. As a bank that is consistently innovating to meet the need of our increasingly dynamic customer base, we are confident that the FCMB Payroll initiative will go a long way to boost the operations of SMEs and improve their productivity”, he added.
With over 17.4 million SMEs operating in Nigeria, citing PriceWaterCooper statistics, providing effective management tools, such as payroll solutions, to mitigate the shortage of professional hire (at the startup stages) to manage personnel issues in small businesses, will go a long way to unlock growth. It will also breed efficiency in the long run.